Talks

The North American Free Trade Agreement (NAFTA) renegotiations are an opportunity to update the 1994 treaty so that it reflects changes in Mexico’s oil and natural gas sector and deepened ties to Canada and U.S. energy markets, according to analysts.

In a story published May 3, “San Bruno Settlement Talks Break Down, PG&E CEO Says” (see Daily GPI, May 3), the fifth paragraph was incorrect. That paragraph should read: CFO Kent Harvey said PG&E would “continue to expect to need roughly $1-1.2 billion of equity for the year, excluding any fines or penalties beyond the $200 million we’ve already accrued. Of that, we issued about $430 million in 1Q2013.” NGI regrets the error.

Magnum Hunter Resources Inc. is in talks with three parties for the potential sale of Eagle Ford Shale assets as part of plans this year to sell $400-500 million of assets. An announcement is expected soon, according to the company. During a recent conference call, CEO Gary Evans said all three Eagle Ford bidders have made offers in the same price range. Two are offering all cash and one is offering cash and equity, he said. “So from our perspective, it doesn’t really matter who ends up with it. But we do feel like we will have an announcement on that in short order,” he said.The company also is considering selling assets in the Pearsall Shale as well, and assets in the Williston Basin and potentially in Kentucky, Evans said.

Debt-tarnished Quicksilver Resources Inc. said Thursday it is still in talks to sell a nonoperated minority working interest in its Barnett Shale assets and is negotiating a potential joint venture (JV) in the Horn River Basin in northeast British Columbia. Investors have been awaiting deals on both fronts for some time.

Debt-tarnished Quicksilver Resources Inc. said Thursday it is still in talks to sell a nonoperated minority working interest in its Barnett Shale assets and is negotiating a potential joint venture (JV) in the Horn River Basin in northeast British Columbia. Investors have been awaiting deals on both fronts for some time.

San Antonio-based Abraxas Petroleum Corp. is finalizing talks to sell its 25% working interest in the Nordheim Project in the Eagle Ford Shale to an institutional buyer for about $20 million, the company said Monday.

ZaZa Energy Corp. more than doubled its proved Eagle Ford Shale oil reserves between the end of last year and Sept. 1; however, proved Eagle Ford gas reserves declined by more than half with the dissolution of a joint venture (JV) the company had with Hess Corp.

Former U.S. Sen. George Mitchell has been appointed to serve as mediator in ongoing talks aimed at resolving a series of enforcement cases against Pacific Gas and Electric Co. (PG&E) stemming from a natural gas transmission pipeline rupture and explosion two years ago in San Bruno, CA, the California Public Utilities Commission (CPUC) said.

Texas-based Frac Tech Services LLC, a hydraulic fracturing (fracking) specialist, apparently is in talks to sell a stake in the company to one of three foreign oil giants for $2 billion-plus and also is close to completing joint ventures (JV) to work overseas on unconventional oil and gas prospects, sources told NGI’s Shale Daily on Thursday.